| Earlier this month, we learned that Russia would be launching a new sovereign fund... to replace two of its existing sovereign wealth funds, which, you’ll recall, originally replaced a now defunct sovereign fund... which itself was only set up in 2004. Confused? Me too. So let’s pause here for a bit of history and context.
In 1998, Russia had a major financial crisis. And, as was the case with the Asian financial crisis of 1997, the Russian crisis served as the policy “spark” that led to reserve accumulation (although the huge inflows of resource revenues were probably as big a driver as the 1998 crisis)...............................................Full Article: Source
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